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CNBC
Nov 9, 2012 1:00pm EST
after the speaker of the house, boehner, made his case. >> indeed he did, ty. thank you. i'm sue herera, along with my partner tyler mathisen. john harwood and eamon javers are in washington as we countdown to the president's statement in a few minutes. we're hearing that the white house has invited congressional leaders for a meeting at the white house next week on the fiscal cliff. that seems to mean, john, to me anyway, a little bit of progress. what type of tone do you expect, john, the president to take in this next address? >> sue, i expect him to be conciliatory and reaching out to republicans the way john boehner has tried to strike that mode on capitol hill. two different white house specialists just told me the president will walk out here and announce he's invited the bipartisan leadership of congress to the white house next week to begin talks on the fiscal cliff. i have to think there is a possibility that they can really make some headway, if not solve the problem before the end of the year. at least get started on a solution when you have john boehner talking about raisin
CNBC
Nov 7, 2012 7:00pm EST
news. moments ago house speaker john boehner, he delivered a direct message. this is your moment, mr. president. and we want you to succeed. the fiscal cliff is priority number one. boehner is now opening the door to a grand design fiscal deal that could include tax and entitlement reform. listen to the speaker today. all right. so we didn't get quite that sound. sorry. maybe we'll pick it up later. what happens to the market? courtney reagan at the real-time exchange breaking it down for us. good evening to you, courtney. >> good evening, larry. last night might have been overwhelmingly blue but today it was all red. the day after the presidential election saw the dow shift 312 points, marking the biggest point loss so far this year for the index. but it could have been worse. at session lows the dow was actually off by 369 points. the sell-off was broadbased and multifaceted. some point to wall street's disappointment with president obama's re-election. but ecb head mario draggi's comments about weakness in europe affecting germany and apple's move into correction territory certain
CNBC
Nov 12, 2012 7:00pm EST
and political breakthrough? then if president obama and john boehner can rise above and get a deal done for the fiscal cliff, there is a lot of money that could be made in stocks. and why shouldn't top military and business leaders maintain an honorable code of conduct? isn't it better to have a moral center? general david petraeus is a great man. but he made, unfortunately, a great mistake. first up, are we on the verge for american oil revolution? according to the international energy agency, the u.s. will overtake saudi arabia as the world's largest oil producer that before the year 2020. but -- don't get your hopes completely up as the epa could block this fantastic market-driven advance. nobody better to talk about it is john hofmeister. john, it is a pleasure to have you here. now, is it credible, first of all the report, we will overtake the saudis? >> report is credible. the iea is smart, good analysts. we have the reserves, no question we have the reserves. in the ground today. number two, we have the technology to get the reserves out of the ground. and number three, we have t
CNBC
Nov 9, 2012 7:00pm EST
there was john boehner drawing the line not against tax increases, but increases in tax rates. >> listen, the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know from ernst & young 700,000 jobs would be destroyed. we also know that it would slow down our economy. >> president obama from his part came into the east room. he also drew a line, but the line he drew was not insisting on higher tax rates but on higher tax revenues. >>> i'm not wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges, but i refuse to accept any approach that isn't balanced. >> so, larry, balance is the key for president obama, not necessarily increases in tax rates. signs of conciliation on both sides and late this afternoon the bipartisan policy center which has been pushing for a simpson bowles-type solution said they were encouraged by the flexibility shown on both side says. john harwood, appreciate it and let's get reaction, and we have republican whip senator joh
CNBC
Nov 9, 2012 12:00pm EST
another 13%. i think the difference is here we're seeing people stepping up to the plate. boehner offered an olive branch so to speak. i think you're going to see president obama do the same thing. we've seen a lot of, again, the tech stocks seem to be hit hard here. one of the things i would say to people, if you're not comfortable, sell them out of the money puts. >> deutsche bank's chief strat jit david bianco joins us for wall street's view for markets and the wall street cliff. good to have you. thanks for joining us on halftime. >> thank you. >> it's been a really difficult week in the stock markets. how are you see it here? >> our focus is the dismal so e so if we can get dev dends, we'll see a growth. but we really need to see a compromise that brings a dividend tax rate that goes no higher than 25%. if it goes up to 43.4 or so, that we would take as a big concern. >> are you more or less optimistic now given the results of the election? >> a compromise will be reached. we do not expect to go over the fiscal cliff in the sense of it being triggered. this might go up to the last mi
CNBC
Nov 8, 2012 7:00pm EST
appearances tomorrow between speaker john boehner and president barack obama. the speaker will address a crowd of reporters at 11:00 in the morning. he will take questions from the press. we're told obama will speak at 1:00 in the east room of the white house and will not take questions from reporters. there will be an audience there, but he will not be taking questions. meanwhile, we're getting this report out today from the cbo, which is laying out the scenario of just how bad things would be if we go over the fiscal cliff. let me give you a couple of the key bullet points here. the cbo saying if we go over the cliff the gdp would drop by 0.5% in 2013. it could decline in the first half of the year, but then renewed growth later in the year. and the unemployment rate would rise to 9.1% if we go over the fiscal cliff, but ultimately the cbo saying unemployment would decline to 5.5% by 2018. so, larry, this sets the backdrop for the dueling appearances between boehner first then president obama later in the day. tomorrow the question is, can these two men come back to the deal they were doing
CNBC
Nov 14, 2012 4:00pm EST
boehner? two top-tier negotiators give their insight into how the meeting could unfold. >>> and trading places. charles schwab ceo talks exclues i havely to maria about the current crisis of confidence in the stock market. could a deal on the looming fiscal cliff be just the shot in the arm sagging equities need? that and a whole lot more is ahead on the "closing bell." >>> all right. we want to show you a live picture of the white house. we are waiting for the ceos to start tricking out of the white house. they are in a meeting right now with president obama talking about the fiscal cliff, talking about ways to get the deficit and debt situation in this country in order. as soon as those ceos start coming out, they include the ceo of honeywell, ibm, a number of ceos in industrial businesses. of course, the only financial services representation there is american express. no other bank was invited to this meeting. as soon as these guys and gals start walking out, we'll bring you some interviews with them. president obama held a press conference meanwhile today on everything from the fis
CNBC
Nov 8, 2012 6:00am EST
stepped all of them. so now we know and we lettered it first hand yesterday. boehner said we're open to tax increase, but part of a bigger plan that involves spending cuts. dove did a bungee -- >> worst thing i ever did. >> but it goes down and then right back up. >> the worst part is you feel like you're connected on something, but don't. it's a free fall until the very he said and then he start to feel like i'm connected to something and it throws being back into the air. >> my question is let's say that it's not a bungee, let's say it's a rope. so you jump and then you -- that would be like hanging yourself. but you do possibly survive. but then you're all the way down there and then you don't know when someone's going to pull you back up. i think it might be more like that. if we go down, we may be d dangling for a while. >> once we go over the cliff, it's much more complicated. and you get rope burns, too. >> you can it. well, that's if it's not stretchy and it's just a rope,s's more than a burn. then you actually -- they pull you back up, but you're dead. and that could happen,
CNBC
Nov 14, 2012 7:00pm EST
boehner today or not? >> no. this was no olive branch, larry. i was quite disappointed with that speech and press conference. and you noted that the stock market really collapsed as president obama was speaking because he seems not just today but the event that he had on friday, the two statements that he's made, he's been pretty emphatic that he wants those tax rates to go up, come hell or high water. that is going to lead to a mexican standoff with the republicans if he sticks with that position. i'd like to make one other point about that press conference, larry. i listened to the whole 45 minutes to 60-minute press conference, and not once that i could hear in that speech did he talk about the most important thing, which is cutting government spending. why don't we get the government spending down and then talk about raising taxes? >> you know, if you google up spending and obama, you know what you get? nothing. blank pages. you get nothing. >> in fact, larry, he said he wants his $100 billion stimulus, he wants more spending when he's talking -- trying to talk about lowering the de
CNBC
Nov 14, 2012 1:00pm EST
last year between boehner and obama really focused on $800 billion figure. now the white house is floating a much larger number. how do those ceos react? how do we get those negotiations going inside the room with the president here at the white house today. >> able, how much do you believe that the ceos are really going to be able to sway the president on some of the issues that maybe he has been less flexible on in the past? >> i don't think this is about swaying the president at all. i think this is about face time with the president. i think this is an effort by the two white house to demonstrate very publicly they've talked to all the plargs in the labor community yesterday and now the business community today. demonstrate they are taking in ideas from all sides. basically the positions are fairly well entrenched. in order for a final negotiation to go on it is going to be between boehner and the president, it will be something like what they were working on last year. if the ceos in today's meeting throat new ideas, there is a small chance that those will be included in t
CNBC
Nov 8, 2012 4:00am EST
the ever looming fiscal cliff. u.s. house speaker john boehner said he'd pursue a deal with president obama that would include higher taxes under quote/unquote the right conditions to help reduce the country's looming fiscal cliff. and just when new york city thought it was all over, a nor'easter has smacked the tri-state area overnight. dumping inches of snow over some of hurricane sandy's hardest hit areas. wind and heavy snow have brought down power lines and electrical wires and thousands who lost power because of the last storm just lost it all over again. the storm brought the city to a virtual stand still last night. clean up crews have been working, though, to remove snow and clear the streets. we'll keep you posted on how that is doing as we look forward to the u.s. market opening today. coming up next, though, china's new leader will soon be revealed as the communist party's 18th national congress gets under way, but what does the transition mean for relations with europe? >>> hu jintao calls on china's next leaders to stamp out corruption and nir row the income gap as the communi
CNBC
Nov 15, 2012 4:00pm EST
with boehner next year. talk to us about how your plan works. >> the interesting thing is if you look at the amount of income tax paid, it's about $1.3 trillion. 1. 1 from individuals, 200 billion from corporations. people always ask how can our marginal rates be so nominally high and net so little money. the reason is we have $1.1 trillion of back door spending in the tax code. that's for deductions for credits. what we said is, look, let's wipe out all of those. let's broaden the base, simplify the code. let's use 92% of that money that we're using from getting rid of the tax expenditures to reduce income tax rates and 8% of the money or about $100 billion a year, to reduce the deficit. $800 billion a year over ten years is where our $1 trillion of our $4 trillion comes from in our deficit reduction plan. >> and what rate are you going change? 8%, you know, 0 to 70 grand. 14 over that. take the corporate rate to 36. if you can't do that, you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. so grab hold. it's going to b
CNBC
Nov 9, 2012 2:00pm EST
. the president saying le not sign a deal without a tax hike. house speaker boehner says the ball is in the president's court. which side will be dr. no? >>> will the markets live to die another day? stocks turning down after the president's speech. >>> plus, a well known tech ipo and a retailer both getting the living day lights knocked out of them. >>> and diamonds are forever. and apparently so is james bond. why "sky fall" may be the biggest bond yet. after all, the world is not enough, mandy. >>> absolutely, the dow is hardly a thunder bolt today, brian. it was trying to win back some of the losses of the last two days but it turned red in the last hour not long after the president spoke and marginally higher. the dow now on track for its fourth losing week in five. major averages have not had a winning streak as long as three days in over three weeks. the s&p 500 riding a streak of seven losing fridays in a row. these last two hours of trade, folks, are going to be very important. they will decide whether or not it breaks that streak today. >>> the nasdaq has been today's ou
CNBC
Nov 9, 2012 6:00am EST
of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talking about the fiscal cliff and -- >> we have? >> and yesterday somebody tweeted a new drinking game. every time they say fiscal cliff, you drink. they're right, but it's absolutely what matters. >> look at the stoc
CNBC
Nov 14, 2012 2:00pm EST
on those making more than $250,000 a year, something the gop and john boehner have said they are unlikely to support. >>> welcome to this special "rise above" edition of street signs coming to you live from the white house. i am brian sullivan where the president just wrapped up his first news conference since re-election and his first in eight months. since that time there's been this little thing called the election and that big thing we are all facing called the fiscal cliff. >>> the markets are selling off for a number of reasons. let's see where the markets stand and welcome back michelle caruso-cabrera. >> brian, take a look at the markets. intrasession here, the dow hit its lows of the session during president obama while he was speaking, lower by 107 points. 12,648. the dow down 1,000 points from the year's high. nasdaq dipping into correction territory right now, lower by 17 points. down 10% from its highs of 2012. retailers, prominent among today's movers, abercrombie & fitch soaring after a blow-out quarter. 30% gain after raising its earnings estimate for the year. staples als
CNBC
Nov 9, 2012 5:00pm EST
have to be cautious because it is going to go back and forth. we are going to hear boehner. think about what happened today when the president held that press conference. the market dropped in a straight line. >> it is interesting if we take a look at the options market going into the election is interesting because a lot of premium came out which suggested a great deal of uncertainty it. i was surprised there would be uncertainty. if you look at the longerer dated vix those are rising in value and suggests that people are uncertain about what is coming in the 60, 90, 120 days from now which is surprising when you consider i thought the election was a foregone conclusion. why is everybody so surprised about europe and surprised about china. >> we don't normally see the market react like this when the president that we expect to see elected ends up being elected. i think dana is right. the s&p closed on the effective low of the day, the last half of the day. the vix ended up closing on the high of the day effectively in the high of the last half of the day. and i really think the vix was
CNBC
Nov 12, 2012 4:00am EST
'll play their hand i think to their full advantage. >> what kind of hand does john boehner have? where sg it leave him and his ability to control the tea party wing? >> it actually puts skron boehner in a good position because during the debt ceiling talks last year, he had a lot of push back from the very far right of his party in the house. the tea party caucus, for example. this time around we won't see the same dynamic at all because the tea party caucus and far right have lost a lot of political capital in light of the election. so what we've already seen is speaker boehner talking to republicans in the house, putting his foot down early and saying we're not going to have that same push back we saw. instead, i'm going to tell you what we're going to do and what this deal is going to look like and you'll fall into line. >> he got criticism because he negotiated a deal and then went back and tried to sell to the party. does he naed to do he need to d way around, get a set position and then go into discussions? >> i think that is the thinking this time around. and he has certainly recog
CNBC
Nov 14, 2012 5:00pm EST
-month lows. copper is a space i want to sniff around. >> house speaker boehner is speaking responding to the president. >> united and focusing on their top priority which is jobs. i'm proud of my leadership colleagues who have been elected today to serve as our leaders of the next conference. while we have some of us returning to the leadership we have new members. and you will get to hear from them in a moment. our majority is a primary line of defense for the american people against the government that spends too much, borrows too much and left unchecked. i have outlined a framework for how both parties can work together to avert the fiscal cliff without raising tax rates and through a combination of tax reform and titlement reform we can bring jobs home and make our economy stronger. with so many challenges that are ahead of us the american people need to see us act courageously, think selflessly and lead boldly. our majority is up to the task. i expect the president is, as well. >> good afternoon. we went through a tough week last week as a party but clearly the house majority is
CNBC
Nov 8, 2012 9:00am EST
and the fiscal cliff here. today "the washington post" trying to read the tea leaves. what was boehner saying? does the white house have a mandate? are the next six weeks, eight weeks going to be about watching political posturing, trying to trade off of that? >> unfortunately. grover norquist in my class in college and he was an outlier then and he's not now. everyone's shifted so far to the right in politics. even the left, you can argue the democrats shifted because they can't spend like they used to. if he is in charge of the party, i think there's a fiscal cliff avoid answer. i don't know if he is. >> were you encouraged by what was said yesterday? hard to tell. early days. >> everybody's been encouraged is fooled. fool me once. i think that the proof will be real change within the hard right tea party of the republican party. because, i mean, look. i think that obama, whether you like him or not, obama said you raise revenue. have a talk. boehner did mention raising revenues but does he have people in the tea party wing this agrees with him? i don't know. what do you think? >> i don't k
CNBC
Nov 9, 2012 9:00am EST
in 2013. president is scheduled to make remarks on the cliff at 1 p.m. time. speaker boehner will address us. can the president say anything to make this whole week look like a dream? >> that's a tough one. what our lalt friend mark haines used to talk about, we need a capitulation, we need the answer, no, are you kidding? there was a congressman on "squawk" this morning say, yes, don't worry about it. when i hear that i say, no, it's not going to happen. we have to have them worry, as worried as we are. i still see this kind of grover norquist run republican party which would rather not have a tax increase and take the tit titanic down in the name of the country. >> viewers will say, wasn't wednesday a woosh? what qualifies a woosh at this point? in terms of the signs we've seen, isn't that qualified as a woosh. >> you open down and rally between 12 and 1. you get the 10 to 1 ratio. i'm just quoting mark haines. if you saw 20 to 1, you would say, you need to buy it. i need to see hains rules. he called too many huge bottoms using his rules. >> he had seen a few, david, as you know. i thi
CNBC
Nov 15, 2012 6:00am EST
back and forth. you had boehner's position from the -- >> i don't want to anger the viewers, you but i think they're looking at obama's words the same way they look it at the polls with the kind of sense of here's what i want to believe. >> if they lose, do they go along with that and say we will accept that or do they push it over the fiscal cliff. you have people on the right and the left who are saying go over. >> in the press conference yesterday, my read of what obama said was we're raising the rates and we're put a structure for eliminating entitlements. >> correct. but if we're talking about rates, if you were playing joe, you would hear that the argument would be that this will never actually work. republicans won't go loochialon it. so some people were suggesting maybe there is a way to do 35% and get rid of deductions. >> but remember was it geithner on -- today is thursday. so this would have been tuesday. he said people are diluting themselves to think we can get where we need to get with loopholes. and i don't know about the right max, but my understanding is i don't think
CNBC
Nov 12, 2012 9:00am EST
with both speaker boehner and president obama coming out talkital talking about the fiscal cliff. this week we'll see a round of negotiations capped off by a meeting at the white house between congressional leaders and executive branch coming up on friday. where are they going to end up? there are a lot of solutions kicking around town. the final deal is probably going to end up looking like at least one of these different proposals. let me walk you through four of them here so you get a sense of where we might be headed starting with the simpson bowles plan. they would cap the mortgage industry deduction at $400,000. they would also tax capital gains and dividends as ordinary income and they would have the employer sponsored health care exclusion phased out. that would be a big tax increase there. another plan that's floating around out there, you would see mortgage interest deduction limited to $25,000 of interest. capital gains and dividends here also taxed as ordinary income and the state and local tax deduction would be repealed. the gang of six plan is another one that's kicking aroun
CNBC
Nov 8, 2012 3:00pm EST
it was interesting yesterday that john boehner came out and said, look, we want to do a deal, we want to reach across the aisle, get things done. the president as well called his republican counterparts. do you think there's room for compromise here? what do you think happens? >> i don't think i have nearly enough information to say whether there's room for compromise. if i look at actions in history, things that are tangible, i guess my answer would probably be no. do i have some hope? yes, but hope isn't quantifiable. what's quantifiable is today's 30-year bond auction. i'll tell you what. we can talk about europe. it was spectacular. look at the charts, what happened at 1:00. look at the fact that we're at the lowest yields in a couple months in the 30-year. the longest duration instrument, and everybody's racing for a number of reasons. this election definitely maybe was one on social issues, immigration issues, but on the business side, it is clear. things like dodd frank aren't even part of the fiscal live. those issues are going to remain. taxes most likely will be higher. i think the business
CNBC
Nov 8, 2012 4:00pm EST
taxes to increase. that's why john boehner has such a large majority of republicans in the house of representatives almost probably more americans voted for republican members of the house of representatives than for president obama. he does not have a mandate to raise taxes. >> jared? >> if we postpone it -- go ahead, jared. >> no, please. go ahead. >> if we postpone the tax hikes and the spending cuts for a year, it'll give congress a chance to do some fundamental tax reform that will not hurt the economy, that will bring in more revenues that will make everything more efficient. >> jared, what do you think? does going over the cliff make everyone work harder to get a deal done? >> i think it probably would, but it isn't by any stretch of the imagination an optimal way to go. we should obviously try to solve this before going over. i will say i have a different view, of course, with the election outcomes, including some of the polling results than dia diana. i think a majority of folks in the exit polls said they were perfectly comfortable with the expiration of the upper incom
CNBC
Nov 9, 2012 3:00pm EST
president obama and house speaker boehner had to say earlier today, it is clear that investors are not expecting a quick fix. look at the major averages, which are lower since the president spoke two hours ago. the dow is up ten points. it was up 78 at high. down 67 now, up to 12,822. the nasdaq powered higher today by apple. there it goes again. we'll talk about that in a little bit. up 15 points on the nasdaq now at 2910. the s&p 500 index is up about five points at 1382. the market certainly didn't like what the president had to say at 1:00 eastern time. the dow was in positive territory when he began speaking. as you can see from the chart, as the speech progressed, the dow started to fall. it did rebound a bit after the speech was over, but we have been heading lower again as we go into the final hour here. in today's "closing bell" exchange, dan mcmahon from raymond james is going to join us. also, john from gfi group. our senior economics reporter, steve liesman, and our own rick santelli. john, it is clear that the fiscal cliff has wall street's full attention right now
CNBC
Nov 9, 2012 4:00pm EST
the campaign. you have to listen closely to the words used by the principle negotiators. first was john boehner today, who with drew a line not against additional tax revenue but only against the idea of raising top rates. >> listen, the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know 700 no,000 jobs would b destroyed. we also know it would slow down our economy. >> and by the same token, president obama came out in the east room, and the line he drew was not in favor of higher -- insisting on higher tax rates, it's that we need more tax revenue from people at the top. >> i'm not whetted to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges. but i refuse to accept any approach that isn't balanced. >> so the keyword for the president is balanced. but more than one way to get there. maria, just before i came on air, got a statement from the bipartisan policy center in washington, which has been urging the two sides to come together on a simpson-bowles ty
CNBC
Nov 15, 2012 12:00pm EST
. do you think the public rhetoric and the conversation that boehner and obama are having publicly matches what's going on privately? >> i've been encouraged so far. i think john boehner has made some really good statements. i think the president has made some good statements. one of the things that i learned was that you have to keep a couple of things in mind. deficit reduction in the end is political poison for the people that have to vote for it and so we really need to encourage the public, not just the decision makers, but the public to understand that this is an exercise in short-term pain to get long-term gain. that the objective here is to get a growing economy, jobs created in the united states, get our economy moving robustly again and that we've got to get our budget straightened out to help do that. the other thing you have to remember is you've got 535 people in the congress. this is not just the leaders so the administration has got to engage a large number of those people, if not all of them, in an exercise where they analyze together the actual concrete steps you h
CNBC
Nov 12, 2012 1:00pm EST
week of speaker boehner's references to an openness to increasing revenue to the government. whether this was an affirmative desire to do that as a result of a tax reform or sort of a secondary effect of reducing rates and creating more economic growth is a little bit unclear here, but how encouraged are you from the words that the speaker has been saying and that others on the gop side have been saying about an openness really to raising revenue as part of a bargain? >> well, the tone was right. i think that that is something that certainly should be being a flojed. because there is no question when you heard the language after the statement we want to -- we're willing to see new revenues, what speaker boehner said and what the republicans are saying is that in fact the revenues can only come from economic growth. now of course as democrats we also believe in economic growth, growing jobs but we also say that we do need some hard revenues in the short term if we're going to be serious about bringing down this deficit and creating some stability for the business community and for con
CNBC
Nov 11, 2012 6:00am EST
. we are going to hear boehner. the president and this and that. think about what happened today when the president held that press conference. what did the market do? the market dropped in a straight line. >> it is interesting if we take a look at the options market going into the election is interesting because a lot of premium came out which suggested a great deal of uncertainty it. like you, i was surprised there would be uncertainty. if you look at the longer dated vix those are rising in value and that suggests that people are more uncertain about what's coming in the 60, 90, 120 days from now which is surprising when you consider i thought the election was a foregone conclusion. we should have known the thing to look forward to is the fiscal cliff. why is everybody so surprised about europe and surprised about china? these were all the problems going into the election, same ones coming out of it. >> we don't normally see the market react like this when the president that we expect to see elected ends up being elected. i think dana is right. when he talks about today being disap
CNBC
Nov 13, 2012 7:00pm EST
it needs to be. folks are going to hold the line and i will tell you why. look at how scripted john boehner had to be when he said revenue. where democrats fell out of their chairs. he had to do it with a t ee teleprompter. >> god bless him. raising tax rates is not the answer to this. >> but you know what, look. i know karen, other democrats believe they got this great mandate. but house republicans believe they got a mandate to put a check and balance on senate democrats as well as the president. so we are going to have to have a compromise for a change. >> we have a mandate and for president obama you would hope that he would start thinking now about what is his legacy and does he want to leave office with a terrible economy. i don't think in year eight he is going to be able to blame george bush. he ought to start thinking about economic growth. this is probably the least harmful way. > exit polls show that that george w. bush hurt romney tremendously. >> the polls are the polls. but the point i'm making in the second term, it is president obama's don mi aeconomy and def. he is going to
CNBC
Nov 13, 2012 4:00am EST
candidates. but romney was beaten with a tax plan not dissimilar from the one boehner is currently pushing which is we won't allow taxes to go up, but we will close loopholes and romney lost on that. so there is a sense that obama for the short term has won the argument. >> granted it's a huge issue, but how many people was this election really a verdict on their tax plans? >> well, the argument is that romney often polled very well on competence in the economy, but obama polled much better on understands the needs of people like me. so there's a sense that if it comes down to class and empathy, the democrats have momentum here and the republicans are on the back foot. so in that sense, i think obama has an advantage. on the other hand republicans do have a good case to make when it comes to taxes because something that's not often discussed is that the costs of obama care will start to kick in in 2013. one example, businesses which hire 50th notice ewill face a fine of $40,000 if they don't take on government approved health care insurance. so republicans can argue that when we approach t
CNBC
Nov 9, 2012 6:00pm EST
obama and john boehner, the speaker of the house. which made me feel like maybe you don't have to be insane to believe you can get a positive resolution here. i'm a cynical guy but even i think the short sellers are being too glib and the longs are too terrified, given the facts on the ground. don't get me wrong. i'm not saying the fiscal cliff will definitely be bridged but things could go right. the democrats and republicans could work together, as crazy as that sounds, and you have to take that possibility of a positive into account. speaking of a fiscal cliff, we have to hear more beyond what we heard today. every minute that goes by without a deal is a minute that could drive us closer to the brink and it colors my whole show now. i'm more sane about bridging the cliff than i was yesterday. but as the son of a veteran, if we don't get a deal soon, i can have a recession gift wrapped by christmas. next week is a very important week for earnings and data. kind of surprising. money is all about home building. the home builders have been the lynch pin of the now forgotten rall
CNBC
Nov 14, 2012 6:00am EST
with boehner. but might be the beginning of bargain point. but you get 820 billion. so there's another 800 billion. at this point, the others are saying no cuts to medicare, social security, or anything else. and they have to find another 800 billion. >> the president did not say -- >> we know he has to cut some of those. >> my guess is the gop is saying they're looking at a trillion dollars as the number. >> and you saw what paul ryan said. the house was re-elected. so people re-elected those people in the house for a reason. it's a nonstarter. it's not going to happen. it's not going to be 1.6 billion. 1.6 trillion. to get to four trillion, that would be 2.4. so we said that. he'll go not 3-1 like simpson bowles. he's go one and a half to one. >> that's not going to happen either. >> but what bothers me -- >> the problem is nothing is going to happen. >> what bothers me is i do think you can get to a point where you raise taxes too much and you don't cut spending enough, where you're just funding entitlements by raising taxes and you don't do anything about it. if he had his way, i reall
CNBC
Nov 8, 2012 12:00pm EST
's best interest to develop and force the united states into a recession next year. boehner doesn't want it. obama doesn't want it so i think they'll come together with some kind of plan. >> what you're saying is november will basically be a washout for the market and the fiscal cliff is what does us in? >> i am. i think november is basically, you know, like everybody's been saying in the group which doesn't make me feel great, but it's probably pretty true is that you're going to see this market continue to pull back slowly. you're going have these worries that are associated with europe and the fiscal cliff and earnings and i think you'll find some stability and then we get a year-end rally if we can see headwind being made on the fiscal cliff and when you get the pullback you want people to buy discretionaries, industrials and financials and you're urging people to do that once we get the pullback and not at the current time. is that correct? >> that is correct. take a look at what's been going on in the housing market. the paper reported housing prices are up 7.5% over last year. and
CNBC
Nov 14, 2012 3:00pm EST
and house speaker boehner both laying out their demands for a fiscal cliff deal. now we have both sides on the record. two top negotiators explain why side has the better cards to play right now and what their starting points say about the odds of getting a deal done. that should be interesting coming up. >>> and then did you see this video of israel killing the top military commander of hamas? now they may be open warfare in that region. oil prices are spiking on this developing story. we'll take you live to the story. stay with us. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is t
CNBC
Nov 13, 2012 1:00pm EST
spoken by the american people. i think that speaker boehner, on the conversation that he had recently, shows that he is ready to move into a different direction. i think that he was ready to make a deal before. but his confidence was such i believe held to grover norquist that they couldn't move on the revenue. >> has that changed? has that changed? >> i think so. the fact that the president was reelected, the fact we have gaped seats in the house, the fact that we are two years from another election, i think that has changed. the fact that a lot of the tea partiers have lost or in very lee election and/or two years of experience. have to understand there is a real compromise in working together in trying to get something done. and i have confidence as a result that we will get something done. >> let's talk a little bit about the tragedy that befelled much of your district in keeps, the rockaways and many of those folks out there. are customers of line park the long island power authority what is your message to lipa today? are you satisfied with their response? >> no, their response
CNBC
Nov 8, 2012 1:00pm EST
. remember this morning john boehner came out and he said some fairly friendly things regarding negotiating the fiscal cliff. if the democrats say some of those things, too, this market is in a position now where it needs to be convinced by lawmakers that there's nothing to fear. they're far from that right now. that could happen. i just don't think it is going to any time in the next couple weeks. that's why i think 2.5 seems reasonable target. >> jim, thank you. jim iourio. >>> to a "market flash." bertha coombs joins us. >> one of the major loelders in krispy kreme has been selling off quite a bit of his stake. the largest holder in krispy kreme with over a 10% stake, we've seen a number of these filings coming through. they filed in september saying they'd reduce their stake by a million shares. but today a lot of these filings come across the tape, they are showing that -- putting some pressure on the tape. >>> you can rent to own a couch. you can rent to own a car. you can rent to own a house. i wonder how far. you can fix your credit rating at the same time. if that weren't enough, c
CNBC
Nov 15, 2012 9:00am EST
to bottom here. it's just that there's not as many. >> if you saw a headline, boehner-obama to agree to long-term solution, you would hit buy first on com? >> we no longer have to worry about rising above? >> i think we'll see that as a joke. >> only up 3% to 5% between now and tuesday. that's not their focus. >> i understand. >> but remember when germany went down, when the german forces went down. those are countries that are dominated by rich people. a lot of those companies are plutocrasies. i think when their market went down, they said holy cow, maybe we ought to do something, maybe monty ought to get together, our country t.a.r.p., that first vote, i think people said, okay, i'm going to have to work the rest of my life, there goes my 401(k) and the congressmen rise above. i hope it doesn't take that. i hope it didn't. >> we do have some media news today, viacom is out with some numbers. >> viacom is not as bad as i had feared. the market numbers down about 6% for the company which is perhaps a little bit better than might have been expected. if you take a look over the last few weeks
CNBC
Nov 9, 2012 4:00am EST
their decision to let the bush tax cuts on high income earners expire. what we heard from john boehner, the house speaker earlier this week, sort of conflicting remarks on whether p ares would be open to tax increases. the day after the election, he said that revenue increases might be a possibility, but then in interview yesterday, he said basically we're not open to tax increases. so it will be interesting to see how much of a focus the president puts on the issue of revenue increases in his remarks today. >> what impact has the election had on the hard liner republicans? has it made them more malleable? >> it certainly looks like it has early on here. the tone in washington is we lost the election, mitt romney did not win, the american people have spoken. we have to work with this president the next four years and that's different than what we've seen the last year and a half which is we want to do everything we can to make this president a one term president. now that that's not going to happen, republicans don't have much choice, they have to work with this president and the tone here is ver
CNBC
Nov 12, 2012 6:00am EST
think they've already agreed to that. you heard john boehner say that already. we've had voteses in the senate where we've gotten rid of tax credits. i think that's a given. and i think that the vast majority of measures agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem and that's uncontrolled entitlement spending and a government that has grown massively. >> i think if the house stands for anything, it's cut government spending as tom coburn said and i think we'll have to do more of it. we heard the mandate in 2010 where it was a clear mandate cut spending and we did, we cut $900 billion in spending that he can't like painful tos us. >> we'll continue our call to rise bol politics and make a deal. oufr guests this morning include mike jackson and also david zaslav. and the head of maris group. and douglas holtz-eakin. >> let's talk about eurozone finance ministers meeting to discuss whether to release a new tranche of fund to go greece. the leaders are not expected it to okay the funding despite greec
CNBC
Nov 14, 2012 9:00am EST
in congress are another. they have to come together. speaker boehner said he's willing to entertain more revenue. the president should take him up on that offer and they ought to come together and find some way through this. the republican party has got to take a good luook at what its future holds but a good start will be coming together to solve this problem. >> governor, nancy pelosi of course out this morning says she's going to run again for some leadership in the congress. is that a signal that the white house is going to remain more partisan perhaps than some hope? >> actually, i don't think so. you know, nancy pelosi was the one who produced the votes for the financial bailout. you all recall that. there weren't republican votes even when president bush proposed it and secretary paulson. nancy found the votes. nancy is good at finding the votes out of our progressive wing and the president will need votes from our progressive wing and nancy is a good person to do that. >> we'll see how things go down this afternoon and later in the week. governor, lanhee good to see you back. don
CNBC
Nov 13, 2012 6:00am EST
can tell you that the guys in the house and boehner, they really want to do this, this limiting deductions, limiting loopholes, raising effective rates, but lowering nominal rates. they want to do it that way but the president may say no and those guys in the house will say no and we might, it might happen. >> it might, but look, this is a leadership moment. we have a a leader who now has second term. he's a president. he's a fascinating individual in many respects. he's part of the problem. >> what gives you any indication he'll lead in this case? >> maybe he'll wake up to the fact that he has a chance to cut through the polarization and leave a winning legacy. this is his chance to rise above. give him a button. >> there you go. thank you for that, steve. we have more ahead from steve. coming up, we're going to talk about several stocks on the move ahead of the opening bell. we'll get down to "mad money's" jim cramer. "squawk on the street," jim cramer right after this. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market tracker
CNBC
Nov 13, 2012 9:00am EST
of the fact that they're worried about what's not going to happen. after the election, boehner came out, thought he'd move some, and then obama came out the next day, and in the early part of his speech, he looked good. and all of a sudden he starts digging in. if you look at what the stock market did, it immediately dropped. came back a little bit that day, but immediately dropped. that's what's in people's minds and it's scaring the heck out of them. we have to have some solution. >> when we look to europe, it's a very similar scenario. we have all these issues revolving around greece and maybe to a lesser extent, spain, and it seems about the same dynamics. that it isn't results oriented, it's idle the car and hope things get better while you're sitting in there, hunkered down. >> that's absolutely the case. they have been spinning their wheels. fortunately for us, we've gotten away from the european situation, somewhat. because it looks like our economy can gain some traction. but it's immediately going to grind to a halt if we don't see something. >> you know, there's one area, the
CNBC
Nov 8, 2012 6:00pm EST
. >>> seconds away, breaking news. are the president and house speaker john boehner working on a fiscal cliff deal? there is some new movement. stocks themselves are spanking politicians to make a deal and avoid recession, the dow down over 4 hundr00 points since the election. and why are liberals trying to legalize pot? is this really what this country needs? the kudlow report is moments away. >> it's not all done in foul weather. after the
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